Walter Bigelow Wriston (August 3, 1919 – January 19, 2005) was an American banker and former

chairman The chair, also chairman, chairwoman, or chairperson, is the presiding officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office, who is typically elected or appointed by members of the gro ...

and

CEO A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...

Citicorp Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services company based in New York City. The company was formed in 1998 by the merger of Citicorp, t ...

. As chief executive of Citibank / Citicorp (later

Citigroup Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services company based in New York City. The company was formed in 1998 by the merger of Citicorp, t ...

) from 1967 to 1984, Wriston was widely regarded as the single most influential

commercial bank A commercial bank is a financial institution that accepts deposits from the public and gives loans for the purposes of consumption and investment to make a profit. It can also refer to a bank or a division of a larger bank that deals with whol ...

er of his time. During his tenure as CEO, the bank introduced, among other innovations, automated teller machines, interstate banking, the negotiable certificate of deposit, and "pursued the credit card business in a way that no other bank was doing at the time". With then New York Governor

Hugh Carey Hugh Leo Carey (April 11, 1919 – August 7, 2011) was an American politician and attorney of the Democratic Party who served in the U.S. House of Representatives from 1961 to 1974 and as the 51st governor of New York from 1975 to 1982. Early ...

and investment banker Felix Rohatyn, Wriston helped save New York City from bankruptcy in the mid-1970s by setting up the Financial Control Board and the

Municipal Assistance Corporation A Municipal Assistance Corporation (MAC) was an independent New York State public-benefit corporation created by the State of New York for purposes of providing financing assistance and fiscal oversight of a fiscally-distressed city. Two MACs are ...

, and persuading the city's union pension funds and banks to buy the latter corporation's bonds.

Early life and career

Wriston was born in Middletown,

Connecticut Connecticut ( ) is a U.S. state, state in the New England region of the Northeastern United States. It borders Rhode Island to the east, Massachusetts to the north, New York (state), New York to the west, and Long Island Sound to the south. ...

, to Ruth Bigelow Wriston, a chemistry teacher, and Henry Wriston, a history professor at

Wesleyan University Wesleyan University ( ) is a Private university, private liberal arts college, liberal arts university in Middletown, Connecticut, United States. It was founded in 1831 as a Men's colleges in the United States, men's college under the Methodi ...

who was later president of Lawrence College and

Brown University Brown University is a Private university, private Ivy League research university in Providence, Rhode Island, United States. It is the List of colonial colleges, seventh-oldest institution of higher education in the US, founded in 1764 as the ' ...

. Wriston attended grade school and high school in Appleton,

Wisconsin Wisconsin ( ) is a U.S. state, state in the Great Lakes region, Great Lakes region of the Upper Midwest of the United States. It borders Minnesota to the west, Iowa to the southwest, Illinois to the south, Lake Michigan to the east, Michig ...

. Reared as a traditional

Methodist Methodism, also called the Methodist movement, is a Protestant Christianity, Christian Christian tradition, tradition whose origins, doctrine and practice derive from the life and teachings of John Wesley. George Whitefield and John's brother ...

, he was not allowed to listen to the radio or go to the movie theater on Sundays. Wriston was an

Eagle Scout Eagle Scout is the highest rank attainable in the Scouts BSA program of Scouting America. Since its inception in 1911, only four percent of Scouts have earned this rank after a lengthy review process. The Eagle Scout rank has been earned by over ...

and recipient of the

Distinguished Eagle Scout Award The Distinguished Eagle Scout Award (DESA) is a distinguished service award of the Boy Scouts of America (BSA). It is awarded to an Eagle Scout who has achieved extraordinary national-level recognition, fame, or eminence within their profession ...

. He attended

, where he received a

Bachelor of Arts A Bachelor of Arts (abbreviated B.A., BA, A.B. or AB; from the Latin ', ', or ') is the holder of a bachelor's degree awarded for an undergraduate program in the liberal arts, or, in some cases, other disciplines. A Bachelor of Arts deg ...

degree in 1941. While there, he was a member of the Eclectic Society and received the "Parker Prize" ("Awarded to a sophomore or junior who excels in public speaking"). He received a

Master's Degree A master's degree (from Latin ) is a postgraduate academic degree awarded by universities or colleges upon completion of a course of study demonstrating mastery or a high-order overview of a specific field of study or area of professional prac ...

from

Tufts University Tufts University is a private research university in Medford and Somerville, Massachusetts, United States, with additional facilities in Boston and Grafton, as well as Talloires, France. Tufts also has several Doctor of Physical Therapy p ...

's Fletcher School of Law and Diplomacy in 1942. After graduate school, Wriston became a junior

Foreign Service Foreign Service may refer to: * Diplomatic service, the body of diplomats and foreign policy officers maintained by the government of a country * United States Foreign Service, the diplomatic service of the United States government **Foreign Service ...

officer at the

State Department The United States Department of State (DOS), or simply the State Department, is an executive department of the U.S. federal government responsible for the country's foreign policy and relations. Equivalent to the ministry of foreign affairs o ...

, where he helped negotiate the exchange of Japanese interned in the United States for Americans held prisoner in

Japan Japan is an island country in East Asia. Located in the Pacific Ocean off the northeast coast of the Asia, Asian mainland, it is bordered on the west by the Sea of Japan and extends from the Sea of Okhotsk in the north to the East China Sea ...

. Drafted into the U.S. Army in 1942, he served in the U.S. Army for four years, being with the

Signal Corps A signal corps is a military branch, responsible for military communications (''signals''). Many countries maintain a signal corps, which is typically subordinate to a country's army. Military communication usually consists of radio, telephone, ...

Cebu Cebu ( ; ), officially the Province of Cebu (; ), is a province of the Philippines located in the Central Visayas region, and consists of a main island and 167 surrounding islands and islets. The coastal zone of Cebu is identified as a ...

in the

Philippines The Philippines, officially the Republic of the Philippines, is an Archipelagic state, archipelagic country in Southeast Asia. Located in the western Pacific Ocean, it consists of List of islands of the Philippines, 7,641 islands, with a tot ...

during his service.

Career

Politics

Wriston was an opponent of

John F. Kennedy John Fitzgerald Kennedy (May 29, 1917 – November 22, 1963), also known as JFK, was the 35th president of the United States, serving from 1961 until his assassination in 1963. He was the first Roman Catholic and youngest person elected p ...

, stating "Who is this upstart President interfering with the free flow of capital?". Wriston was twice offered the job of

Secretary of the Treasury The United States secretary of the treasury is the head of the United States Department of the Treasury, and is the chief financial officer of the federal government of the United States. The secretary of the treasury serves as the principal a ...

, once by

Richard Nixon Richard Milhous Nixon (January 9, 1913April 22, 1994) was the 37th president of the United States, serving from 1969 until Resignation of Richard Nixon, his resignation in 1974. A member of the Republican Party (United States), Republican ...

and once by

Gerald Ford Gerald Rudolph Ford Jr. (born Leslie Lynch King Jr.; July 14, 1913December 26, 2006) was the 38th president of the United States, serving from 1974 to 1977. A member of the Republican Party (United States), Republican Party, Ford assumed the p ...

, but turned down both offers. One report is that Wriston declined the offers because these were not made to him personally by the then-President. Wriston also would have had to take a substantial pay cut had he accepted the government position. He served as Chairman of

The Business Council The Business Council is a nonpartisan organization of business leaders headquartered in Washington, D.C.The Business Council, Official website, Background
From 1982 to 1989, Wriston was chairman of President

Ronald Reagan Ronald Wilson Reagan (February 6, 1911 – June 5, 2004) was an American politician and actor who served as the 40th president of the United States from 1981 to 1989. He was a member of the Republican Party (United States), Republican Party a ...

's Economic Policy Advisory Board.

Awards and honors

In 1987, the Manhattan Institute of Policy Research initiated a lecture series in honor of Wriston. In 2004, the Idea Channel organized a seven-part series of interviews with him. In June 2004, Wriston was awarded the

Presidential Medal of Freedom The Presidential Medal of Freedom is the highest civilian award of the United States, alongside the Congressional Gold Medal. It is an award bestowed by decision of the president of the United States to "any person recommended to the President ...

, the nation's highest civil honor, by President

George W. Bush George Walker Bush (born July 6, 1946) is an American politician and businessman who was the 43rd president of the United States from 2001 to 2009. A member of the Bush family and the Republican Party (United States), Republican Party, he i ...

Personal life

In 1942, Walter Wriston married Barbara Brengle, with whom he had one daughter. Two years after her death in 1966, he married lawyer and businesswoman Kathryn Dineen. Wriston died on January 19, 2005, in

Manhattan Manhattan ( ) is the most densely populated and geographically smallest of the Boroughs of New York City, five boroughs of New York City. Coextensive with New York County, Manhattan is the County statistics of the United States#Smallest, larg ...

New York City New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...

New York New York most commonly refers to: * New York (state), a state in the northeastern United States * New York City, the most populous city in the United States, located in the state of New York New York may also refer to: Places United Kingdom * ...

, at the age of 85.

Legacy

Wriston's papers, including the text of hundreds of speeches and articles spanning his lengthy career, are at Tufts University's Archives. Many have been digitized and are available in the Tufts Digital Library.

Quotes

* ''

Capital Capital and its variations may refer to: Common uses * Capital city, a municipality of primary status ** Capital region, a metropolitan region containing the capital ** List of national capitals * Capital letter, an upper-case letter Econom ...

goes where it's welcome and stays where it's well treated.'' * ''Information about money has become almost as important as money itself'' * ''Countries don't go bust'' * ''The 800 number and the piece of plastic have made time and space obsolete'' * ''The

Eurodollar Eurodollars are U.S. dollars held in time deposit accounts in banks outside the United States. The term was originally applied to U.S. dollar accounts held in banks situated in Europe, but it expanded over the years to cover US dollar accounts ...

market exists in London because people believe that the British government is not about to close it down'' * ''It is inconceivable that any major bank would walk away from any subsidiary of its holding company. If your name is on the door, all of your capital funds are going to be behind it in the real world. Lawyers can say you have separation, but the marketplace is persuasive, and it would not see it that way.''Financial Institutions Restructuring and Services Act of 1981, Hearings on S. 1686, S. 1703, S. 1720 and S. 1721, before the Senate Committee on Banking, Housing, and Urban Affairs, 97th Congress, 1st Session, Part 11, pp. 589-590.

Books

* ''The Twilight of Sovereignty'' (1992) * ''Risk and Other Four-Letter Words'' (1986) * ''Bits, Bytes and Balance Sheets'' (2007)

References

External links

PBS Interview

{{DEFAULTSORT:Wriston, Walter 1919 births 2005 deaths Wriston The Fletcher School at Tufts University alumni Wesleyan University alumni New York (state) Republicans Presidential Medal of Freedom recipients